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Habitual Entrepreneurs

Deniz Ucbasaran, Paul Westhead and Mike Wright

Deniz Ucbasaran, Paul Westhead and Mike Wright use a combination of theory and empirical evidence to illustrate why it is so important for researchers, policymakers, entrepreneurs and investors to distinguish between novice (i.e. first time) entrepreneurs and habitual entrepreneurs. Issues tackled include human capital characteristics, information search and opportunity identification behaviours, and the performance of different types of entrepreneurs. The book also highlights the heterogeneity of habitual entrepreneurs by drawing attention to serial and portfolio entrepreneurs.
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Chapter 4: Human Capital Differences by Type of Entrepreneur

Deniz Ucbasaran, Paul Westhead and Mike Wright


Introduction This chapter examines differences in the human capital of different types of entrepreneur. The chapter commences with tests of the hypotheses developed in Chapter 2 using bivariate t-tests and Chi-square tests depending on the nature of the variable being explored. Hypotheses are tested that relate to general human capital (H1a to H4b), entrepreneurship-specific human capital (H5a to H7d) and venture-specific human capital (H8a to H9b). To ensure that inter-relationships among the independent variables are not overlooked, the bivariate analysis is followed by more robust multivariate analysis. In particular, given the dichotomous nature of the two dependent variables (whether the entrepreneur is a novice or a habitual entrepreneur, and whether the entrepreneur is a portfolio or serial entrepreneur), a logistic regression technique is utilized. This technique allows the identification of variables that are significantly associated with the selected dependent variables. Human Capital by Type of Entrepreneur: Bivariate Analysis This section provides a summary of the differences between novice and habitual entrepreneurs, and then serial and portfolio entrepreneurs with regard to their human capital. In turn, bivariate differences between the types of entrepreneurs are discussed in terms of general human capital, entrepreneurship-specific human capital and venture-specific human capital. General Human Capital (GHK) General human capital differences between the types of entrepreneurs are examined in relation to their highest level of education, managerial human capital, and technical and managerial capabilities. 75 76 Habitual entrepreneurs Education The entrepreneurs surveyed were asked to report their highest level of education. Table 4.1 shows that a...

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